HELOC Payment Calculator

For each modeled month, the calculator applies annual interest rate divided by 12 to the outstanding principal after any draw at the beginning of that month. It then adds your chosen extra principal payment and prorated annual fee. Actual lenders may calculate daily interest, bill fees separately, use minimum payment floors, and have different statement dates.

During an interest-only draw period you can avoid scheduled principal repayments. During the repayment period you normally must repay principal as well as interest. The model re-amortizes the outstanding balance over the months left each time the annual rate changes.

CLTV compares all mortgage debt and a proposed HELOC credit limit against estimated property value. This tool estimates maximum credit as property value times the assumed CLTV limit, minus the existing mortgage. It does not assess credit scores, income, lender underwriting or eligibility.

Yes. Specify a draw amount and the month it occurs. Month 1 is your first modeled payment month, and added draws occur at the beginning of that month. Draws may not exceed the estimated line after any modeled principal repayments.

It depends on rate, fees, term, draw timing and loan rules. A fixed loan advances its amount upfront, while a HELOC may provide access over time. The optional comparison uses total planned HELOC borrowing as the one-time fixed loan amount, making timing differences especially important when future draws are planned.

No. It uses monthly interest, beginning-of-month draws, annual rate changes and a simplified, fully amortizing repayment schedule. Rates are clipped to 0–30% for simulations, but real loan caps, floors, indices, margins, daily accrual, rounding, fees and minimum payments differ.